The English use this term and also "registered stock," but with different meanings.

A company will issue to the original subscriber to its stock a certificate evidencing the fact that upon its books he is registered as a holder of so much stock. This piece of paper, however, does not necessarily prove title, nor constitute ownership - it is nothing more than a memorandum by which the company declares that the one named therein is a holder of the stock in question, To transfer this stock, it is necessary, upon delivery of the certificate to the buyer, for the seller to accompany it with what is known as a "deed of transfer" (see that subject), and the company will not register the new owner as a holder of the stock until this transfer deed is presented, when the original certificate will be destroyed and a new one issued in its place.

Even though this certificate, as stated above, is not considered prima facie evidence of actual title to the stock which it describes, yet companies will usually decline to make a transfer unless the certificate is produced. Therefore, its loss may occasion considerable annoyance and expense before its replacement may be brought about.

Roughly speaking, the main points between "registered" and "inscribed stock" is in the matter of transfer. The former is much like unto the American custom of transferring stock certificates, the English "deed of transfer" corresponding to the blank form with which the American stock certificate is provided upon its reverse side; whereas, to transfer "inscribed stock," its owner or legal representative must actually visit the office of the company or bank where such list is kept.

"Stock" is always "registered" or "inscribed"; whereas "shares" may be either "registered" or in the form of "bearer securities" (to which subjects refer).

Most of the dealings upon the London Stock Exchange are in "registered" rather than in "inscribed" securities.